Chris Eigbe
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@themortgagemachine A home purchase, mortgage renewal or mortgage refinance is generally the largest financial transaction a consumer makes in their lifetime.
09/07/2022
Bank of Canada increases its benchmark interest rate to 3.25%
Today, the Bank of Canada increases its overnight benchmark interest rate by 75 basis points to 3.25%.
This is the 5th rate hike in 2022 which totals a 3% increase so far this year.
Given the outlook for inflation, the Bank's Governing council continues to note that its policy interest rate will need to rise further and will continue to take action as required to achieve a 2% inflation target.
The next BOC policy announcement is on October 26th.
06/13/2022
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